Cordray faces GOP senators' questions over validity of appointment

Consumer Financial Protection Bureau Director Richard Cordray faced angry Senate Republicans on the banking committee Tuesday in his first hearing since his recess appointment by President Barack Obama. They challenged his authority, with Sen. Mike Johanns, R-Neb., saying, "I don't know how anyone could maintain at this point that your appointment and your service in this position is valid." Cordray says that he has legal obligations and that he plans to meet them.